Gear4Music (Holdings) PLC - York-based online musical instruments and equipment retailer - Posts lower annual sales for its financial year ended March 31. Total sales fall by 6% to £147.6 million from £157.5 million a year ago. Sales in non-UK Europe and rest of the world decrease by 18% to £65.0 million from £78.8 million.

Demand in February and March was weaker than expected, Gear4Music explains. Revenue and earnings before interest, tax, depreciation and amortisation were ‘slightly lower than financial year 2022 consensus market expectations’, the firm says. Only the UK bucks the downward trend as annual UK sales rise by 5% to £82.6 million from £78.7 million, the company reports.

The company expects annual Ebitda of £11.0 million, down from £19.8 million in the 2021 financial year. Before Thursday’s announcement, the firm believes consensus market expectations were for annual Ebitda of £12 million and revenue of £149.2 million. Following the trading update, full results will be published in June, Gear4Music says.

Current stock price: 253.60 pence, down 30% on Thursday

12-month change: down 68%

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